The Chairman, House of Representatives Committee on Finance, James Faleke, on Tuesday, described Nigeria’s $48 dollars per barrel crude production cost as the highest in the world.
This is as he put the cost of production of crude oil per barrel at $9 dollars in Saudi Arabia, $21 dollars in Norway, and $24 dollars for the United States of America, adding that despite the increase in production cost, the volume of production has continued to dwindle.
He added that the continuous rise in production costs is having a negative telling on the nation’s revenue. According to him, with crude oil selling at about $80 dollars at the international market, only $32 dollars is available to the government to be shared with oil companies.
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